Sec. 12-546. Sale of business, stock or facilities. Purchaser's duties and liabilities. Certificate of clearance.
Sec. 12-546. Sale of business, stock or facilities. Purchaser's duties and liabilities. Certificate of clearance. If any person liable for any amount under this chapter
sells his business, stock of goods, or facilities, the successor shall withhold sufficient
of the purchase price to cover such amount, until a certificate of clearance from the
Commissioner of Revenue Services is issued. If the purchaser fails to withhold from
the purchase price as required, he shall be liable for the payment of the amount required
to be withheld by him to the extent of the purchase price, valued in money. Within sixty
days after receiving a written request from the purchaser for a certificate of clearance,
the Commissioner of Revenue Services shall either issue the certificate or mail notice
to the purchaser at his address, as it appears on the records of the Department of Revenue
Services, of the amount that must be paid. Failure of the commissioner to mail this notice
shall release the purchaser from any further obligation to withhold the purchase price
as above provided.
(1971, P.A. 837, S. 9; P.A. 77-614, S. 139, 610.)
History: P.A. 77-614 substituted commissioner of revenue services for tax commissioner, effective January 1, 1979.